Terry Goddard's Statement Regarding H.B. 2035 - Payday Loan Industry

(Phoenix, Ariz. - April 7, 2010) Attorney General Terry Goddard issued the following statement today after the Arizona Senate Finance Committee removed H.B. 2035 from its agenda. The bill was the latest effort by the payday loan industry to stay in business in Arizona.

“The people of Arizona have a strong sense of right and wrong. The voters spoke out clearly in 2008 against the payday lenders initiative. I was proud to stand with the voters in vocal opposition to that initiative.

“As Attorney General, I have consistently fought against predatory lending practices. Payday loans prey on hard-working Arizonans who find themselves with a short-term need, trapped in long-term debt. This is bad policy. This industry hurts not only consumers, but also our state’s economy. I applaud the members of the Senate Finance Committee, both Republicans and Democrats, who were ready to vote down this latest end run by the payday lenders. Should any payday lenders in this state attempt to continue offering 400 percent loans beyond June 30, I encourage the citizens of Arizona to contact my Office.”